Apr 16, 2012

Expanding Beyond Your First Home

There is nothing more exciting than getting your first home. You may find, however, that once everything is settled and things keep going well, the time may have come to move beyond your initial purchase and expand. There are lots of ways that you can grow, though it all depends on why you want or need to do it. The following ideas are just some of the things that you can do.

Get a Granny Flat

One of the best ways to expand beyond your home is to just go straight out into the yard and have a granny flat put in. A granny flat can be a fantastic investment, as it will significantly increase the value of your home, and can provide the extra space needed for your small business or for when relatives come to visit. You can also rent out your granny flat to bring in a handy extra income, and with your unit just out back it will be easy to keep up on any maintenance. Be sure to check with your local council or a property lawyer to ensure that you are legally entitled to a second structure on your land.

Get an ExtensionAn extension on your home can be the perfect way to get more out of a good thing. Whether you go out, up or down with your additions, your extension will enable you to get more out of your home while also increasing its value. So if you love your home too much to move into a bigger one, making your current one bigger can provide the perfect solution.

Investing in Land

Buying land can be an awesome way to diversify your investment portfolio, as well as presenting a huge amount of opportunity. Even if you can’t afford to build anything on it or do anything with it just yet, securing land is that all-important first step, and if you have purchased wisely, it will likely continue to increase in value – even while it just sits there.

Upgrade

Even though you may love your home, some places just aren’t meant to be forever. If you can, moving into a new place while maintaining ownership of your first home will allow you to rent it out and help you finance the costs associated with your new place. This kind of ‘flipping’ has turned some young people into millionaires extremely quickly, though it is much easier if you have a few trade skills and access to some good conveyancing services.

Buy the Place Next Door

If you love everything about the place that you live but you would like it to be a little larger, consider purchasing your neighbour’s place and joining them together. Your new mega-property will still have that prime location, and your home will be even more amazing.

Extending beyond your home can be a fantastic way to branch out with your investing, while still basing everything on your home’s core success. Making that first big step beyond your first home can be a little nerve-wracking, so keep any moves you make simple and well thought out, and you are sure to be in for even more future expansions./image:wobuilt.blogspot.com/